A common part of our business and commercial law practice is working with successful business owners who reach the point where they are ready to bring more junior employees into the company as owners. Sometimes this need is brought about by the business owner’s appreciation for the skill and devotion of a long-term employee, and sometimes it is prompted by …
Who Needs A Succession?
Clients often ask who needs a succession? The term “succession” is often used synonymously with the term “probate.” It is essentially the process of transferring the ownership from the deceased in the things he owns (“property”) to his heirs and legatees, after first paying the deceased’s creditors and the expenses of administering his estate. Unless the assets owned by the …
Five Hard Lessons We Can Learn from Tom Benson
As a Saints fan, I’ve suffered through the good, the bad and the ugly with our boys in the black and gold. And while we can’t do anything to avoid heartbreaking losses as sports fans, I would like to share some powerful lessons on the importance of planning to reduce the chances, and the expense and anguish, of losing control …